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Goldman Sachs 2009 Annual Report
106
Notes to Consolidated Financial Statements
Financial Liabilities at Fair Value as of November2008
Netting and
(inmillions) Level1 Level2 Level3 Collateral Total
Government and U.S. federal agency obligations $36,385 $ 615 $ – $ – $ 37,000
Mortgage and other asset-backed loans
and securities – 320 20 – 340
Bank loans and bridge loans . – 2,278 830 – 3,108
Corporate debt securities and other
debt obligations 11 5,185 515 – 5,711
Equities and convertible debentures 11,928 174 14 – 12,116
Physical commodities . 2 – – – 2
Cash instruments 48,326 8,572 1,379 – 58,277
Derivative contracts 21 145,777
(1) 9,968
(1) (38,071)
(3) 117,695
Trading liabilities, at fair value 48,347 154,349 11,347 (38,071) 175,972
Deposits – 4,224 – – 4,224
Securities sold under agreements to repurchase, at fair value – 62,883 – – 62,883
Securities loaned – 7,872 – – 7,872
Other secured  nancings – 16,429 3,820 – 20,249
Unsecured short-term borrowings – 17,916 5,159 – 23,075
Unsecured long-term borrowings – 15,886 1,560 – 17,446
Other liabilities and accrued expenses – 978 – – 978
Total  nancial liabilities at fair value $48,347 $280,537 $21,886 (2) $(38,071) $312,699
(1) Includes $31.20billion and $4.74billion of credit derivative liabilities within level2 and level3, respectively, of the fair value hierarchy. These amounts exclude
the effects of netting under enforceable netting agreements across other derivative product types.
(2) Level3 liabilities were 7.0% of Total  nancial liabilities at fair value.
(3) Represents cash collateral and the impact of netting across the levels of the fair value hierarchy. Netting among positions classi ed within the same level is
included in that level.
Level3 Unrealized Gains/(Losses)
The table below sets forth a summary of unrealized gains/(losses) on the  rm’s level3  nancial assets and  nancial liabilities at
fair value still held at the reporting date for the years ended December2009, November2008 and November2007 and one month
ended December2008:
Level3 Unrealized Gains/(Losses)
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Cash instruments – assets $(4,781) $(11,485) $(2,292) $(3,116)
Cash instruments – liabilities 474 (871) (294) (78)
Net unrealized losses on level3 cash instruments (4,307) (12,356) (2,586) (3,194)
Derivative contracts – net (1,018) 5,577 4,543 (210)
Other secured  nancings (812) 838 – (1)
Unsecured short-term borrowings (81) 737 (666) (70)
Unsecured long-term borrowings (291) 657 22 (127)
Other liabilities and accrued expenses 53 – – –
Total level3 unrealized gains/(losses) $(6,456) $ (4,547) $ 1,313 $(3,602)